Omax Autos to make preferential issue of 25 Lacs warrants

Omax Autos Ltd has announced that the Board meeting of the Company which was to be held on September 01, 2007 was adjourned and the same was held on September 02, 2007 to continue the discussion and consideration of a preferential issue of warrants, in view of the deferment of the Further issue of equity shares as comtemplated earlier. The Board of Directors of the Company at its meeting held on September 02, 2007, has decided to make a preferential issue of 25 Lacs warrants at a rate of Rs 83.00/- per warrant, each convertible into 1 equity shares of the Company of Rs 10/- each to the following entities:

1. Asia Pacific capital India Pvt Ltd, (12.5 Lacs Warrants) and

2. Gala Finance and Investments Ltd (12.5 Lacs Warrants)

The above is subject to the approval of shareholders. The price of Rs 83.00 for the above preferential issue is calculated as per the SEBI Guidelines for Preferential Allotment of Shares.

Source : Equity Bulls

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